Electronic Trading

FEATURED ARTICLES ABOUT ELECTRONIC TRADING - PAGE 4

Of late, "concern" about investor-unfriendly market practices has resulted in SEBI altering book-building norms, and suggesting new listing rules to ensure higher proportions of public float. The changes in book-building norms were highly belated, but much welcome reaction to obviously flawed regulation. In fact, when they were first introduced, a large number of warnings (including one in this column) against "discretionary" allotments were ignored. It is common sense that providing one market participant with the discretion to determine the gains of another competing participant is unfair and distorts the market.

MELBOURNE: Crude oil advanced in New York on Friday, heading for a second quarterly gain, as Europe's finance ministers agreed to increase rescue funds to temper the region's debt crisis. Crude rose as much as 0.9%, the first gain in three days, as consumer spending in the US jumped in February by the most in seven months, showing the biggest part of the economy is strengthening. Prices fell 2.5% on Thursday, the biggest drop since December. European equities extended the biggest first-quarter advance since 2006 and the euro gained while default risk fell.

BAGHDAD: While the rest of the world is facing a financial meltdown, the Iraq Stock Exchange is booming. The ISX index soared nearly 40 percent during September, boosted by increasing confidence in security gains. But the stock market's chief isn't gloating. He's worried Iraq's greatest asset oil could prove to be its Achilles' heel. "I believe we're still far from what's happening in the world in the financial markets. But in the end you must know we are part of this world.

LONDON/MELBOURNE: Oil rose for a second day in New York on signs that sanctions on Iran are succeeding in cutting the nation's crude exports. Futures climbed as much as 0.9%, adding to Wednesday's 1.4% increase. US lawmakers proposed new measures against Iran's nuclear program, while Barclays Capital said shipments from the Persian Gulf nation have dropped by 300,000 to 400,000 barrels a day. The European Union offered on March 6 to restart negotiations with the Islamic Republic.

KOCHI: Gold climbed for an eighth day in the longest rally since July as concern over Europe and speculation US Federal Reserve will act to spur growth boosted demand for a store of value. Futures in India surged to a record. August-delivery bullion rebounded, climbing as much as 0.3% to $1,631.90 an ounce on the Comex in New York. It was last at $1,630.80, after snapping Monday the longest rally since August. Spot gold eased 75 cents to $1,627.19 an ounce having hit an intraday low of $1,625.54.

DUBAI: West Texas Intermediate oil traded near its widest discount to North Sea Brent crude in eight months as investors weighed a possible easing of US financial stimulus. WTI lost as much as 0.3% in New York before a planned speech by Federal Reserve Chairman Ben S Bernanke in Washington, as investors speculate about whether he'll maintain bond purchases that have been pumping liquidity into the economy. US crude traded at a five-month low on Monday after Federal Reserve Bank of New York President William C Dudley raised the prospect the central bank will trim stimulus.

LONDON: West Texas Intermediate oil retreated from the highest level in 14 months as the ouster of Egypt's president without widespread violence and continued shipments through the Suez Canal eased concern of a supply disruption. Futures fell as much as 0.5% in New York after advancing for a third day on Wednesday. Egypt's army forced Mohamed Morsi from power a year after his election, and a military-appointed interim president, Adly Mansour, was sworn in. The political turmoil hasn't interrupted flows through Suez or a pipeline running through the most populous Arab country.

MUMBAI: International Multi Commodity Exchange (IMCX), the new commodity bourse expected to go live in August, has asked regulator Forward Markets Commission (FMC) to consider extended trading hours for products such as gold, silver, crude oil, etc, and allow delivery of copper. Local commexes close at 11:30 PM in summer and 11:55 PM in winter even though electronic trading in precious metal and energy continues round-the-clock in bourses such as Nymex and its division Comex, on which gold and silver are traded.

MUMBAI: The commodity market is clueless on the stamp duty on nationwide futures trading with the Maharashtra government yet to take a firm decision. Mumbai-based commodity brokers said that they would move their trading terminals to other states, if the local government pushed through the levy on commodity trading in MCX and NCDEX ? the two electronic exchanges in the state. There was no progress at the May 27 meeting between the stamp office authorities and exchange officials.

NEW DELHI: Jowar prices. Where do they come from? Where are they going? To figure that out, farmers in Thirpali Badi village of Churu in Rajasthan just head for the post office to use the internet kiosk for a pan-Indian rates reality show. And that may be the first step towards greater rural prosperity. As management guru CK Prahalad says: "It is a new form of liberation. " For India's 700 million farmers information is finally translating into money. Two national spot markets, created by the National Commodity and Derivatives Exchange (NCDEX)